Buyout Drama continues as Warner Bros. Discovery to Initiate Discussions with Paramount Skydance for Their Best and Final Offer

Warner Bros. Discovery Inc. (NASDAQ: WBD) announced it will hold a special shareholder meeting on March 20, 2026, at 8:00 a.m. Eastern Time to vote on its proposed merger with Netflix Inc. (NFLX). The company’s board continues to unanimously recommend shareholders approve the Netflix transaction.

Netflix has granted Warner Bros. Discovery a seven-day waiver through February 23, 2026, permitting discussions with Paramount Skydance (PSKY) regarding deficiencies in PSKY’s competing offer. A PSKY representative informed a Warner Bros. Discovery board member that the company would agree to pay $31 per share if authorized to engage in discussions, stating this was not PSKY’s final proposal.

The Warner Bros. Discovery board unanimously recommends shareholders reject the PSKY offer, citing reasons detailed in an amended Schedule 14D-9 filing with the Securities and Exchange Commission.

“Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders,” said David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery. “We are engaging with PSKY now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer.”

Warner Bros. Discovery sent PSKY a detailed letter outlining key unresolved issues and provided draft transaction agreements for PSKY to confirm its offer terms. The company has begun mailing its definitive proxy statement to shareholders, with those on record as of February 4, 2026, entitled to vote at the special meeting.